EURUSD Quick Reversal at the Daily Resistance
According to the above chart, you can see that the EURUSD started to slow as the price approached the Daily Resistance level. The Ascending channel shows the lack of bullish momentum around the daily resistance level and RSI overbought and divergence even confirm that the buyers are running out of control and the possibility of the trend is much higher.
And finally, as we thought, the price ended up breaking below the local structure level (blue zone) confirming the market reversal. This is our entry trigger and we were ended up placing a short order there, as you can see, the price eventually did push down and hit the take profit for 2.41R.
Since we are risking 0.5% per trade, we were able to gain 1.20% on this trade.
And finally, as we thought, the price ended up breaking below the local structure level (blue zone) confirming the market reversal. This is our entry trigger and we were ended up placing a short order there, as you can see, the price eventually did push down and hit the take profit for 2.41R.
Since we are risking 0.5% per trade, we were able to gain 1.20% on this trade.
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